Sunday, February 24, 2008

Not Black Wednesday yet

This weekend's column in the Newcastle Journal naturally focuses on the political fallout thus far from the Northern Rock nationalisation, announced a week ago today.

The full version is on Behind the Lines as usual but the digested read is:

  • Labour did the right thing nationalising the bank, although, driven by an irrational fear of the n-word, they took slightly too long to get there.

  • The Tories' response to the crisis has been confused from the start, as a result of which the party has failed to articulate a credible alternative.

  • The public's reaction thus far demonstrates that this has not been Labour's Black Wednesday, although there remain unanswered questions over Granite.

  • All in all, the whole episode ought to mark the end of our love affair with financial deregulation.

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  • 1 comment:

    Anonymous said...

    I think that more financial regulation could cost a lot more jobs and do more damage to the British economy than Northern Rock. Easy to say we need more regulation in hindsight, but I didn't hear anyone calling for it when Northern Rock was doing ok.